Internarl wholesaler for Franklin Temp
I have been an advisor for a little over a year now, love the business and things have gone pretty well for me.
Today I got a call from Franklin Templeton for a internal wholesaler gig. I thought ah what the heck, I will line a phone interview up. I always thought the wholesale side was a cool gig, but i know some of you guys think it is for failed brokers.
Can anyone give me any feed back on the wholesale side at Franklin?, or any comments on the gig all together. Remember it is internal...any comments?
Any internal position will be a good stepping-stone into an external position. It will simply depend on the product line you are offering and how marketable it is to Franklin reps, initially, and external reps down the road.
My buddy is an internal at Alliance Bernstein in NYC. For the first year he loved it. His external's territory was Western New York, and there was great asset flow there. Eventually, he got sick of being a glorified call center rep ( handling marketing requests, doing monotonous hypotheticals for FA's, etc, etc). Of course, this was his experience at AB, and I cannot speak for the industry overall. Hope that helps.
That is one of the main concerns I have heard, as well. Many internals feel that they are a glorified telemarketer at times. There is a lot of upside, but you have to be willing to go through the motions and take your time getting there.
I really have no idea on what the compensation is-the recruiter told me $50,000 first year. Does that sound about right? I would imagine it increases with time and production. Obviously the goal is to become an outside wholesaler. I am young, nothing to tie me down, can relocate....I hear that is a big plus when it comes to wholesaling.
We will see how the interview goes...I like what I do now, but I like to keep some doors open.
The internals I have worked with (several larger firms) typically start with a base around $36-40k + additional comp coming from commission. A top-tier internal will typically see around $60-70k. Externals are a completely different story and will see much larger paydays.
I'll say this, I saw a sales presentation by one of the vice presidents
out of NoCal and he had his sh*t together. If he is any indication of
what kind of ship they are running I would say go for it. They've got
some great product.
Well the interview went well, I have a panel interview next week. The recruiter told me average tenure of an internal person is 4 years. I would have 200 advisors assigned to me in my region. It does not sound like a bad deal, it would be a great stepping stone hopefully to something better obviously. I really think they do have there stuff together as a company. Anyone have any other experiences with Franklin wholesalers or funds? Good or bad?
Both the internal and external that I work with at FT are topnotch.. If I wanted to work at a mutual fund they would definitely be somebody I would look at. Good luck!
Thanks guys- You have alot of positive comments on FT wholesalers, so hopefully that says something.
I heard the ole motto....you gotta be young, good looking and charming to be a wholesaler.....Just don't know about the good looks....
You'll be nothing more than a telemarketer having to make 100 callsto advisors a day. They do keep track of your calls. I would rather make those calls as an advisor and retain my freedom. Why would any moderately successful FA want to be a internal or external wholesaler. Those guys are snake oil salesman. They don't care about the FA unless you send them a dollar. Bad career move in my opinion.
First of all...I agree with you. Wholesalers don't "care" about you unless you do business with them. But...
Maybe I'm just a little cold or jadded or whatever, but to me, who cares if they care or not. Of course the are out to make a dollar, and they're not going to spend their resources on advisors who don't/won't use their products.
If you were in the oil business, how much time would you spend on the wells that HAVE OIL and on those that are DRY?
I guess my point is I'm am kind of tired of all this "we care" BS in business. I care about you if you are my CLIENT. Why? Because you are paying me to help you (which demonstrates you value my services). EVERY (or close to every, minus some obscure example someone will inevitably post) FOR PROFIT BUSINESS OPERATES LIKE THIS. It's called business. Is that cold? Maybe. Is it the truth? Definitely.
It would be like having a membership to one gym, then going across the street to another and saying..."I am a member across the street, and I don't want to pay to be a member here. Can I still use your facility whenever I want, get personal training here also for free, but just not pay because I think it's too expensive." Ridiculous, right?
When brokers leave the industry, do they continue to give advice FOR FREE, or at least call each and every one of them to check up? NO, THEY DON'T. But I thought we CARED about our clients, so what's compensation got to do with it?
Fact is, compensation has EVERYTHING to do with it.
Like that Penny lady. She expects a bunch of strangers to come to her aid FREE OF CHARGE. She praised some idiot financial planner drove all the way from Houston to Austin (I think thats right) to see her and she didn't even do business with him.
I guess I'm tired of all the BS associated with this business. Glad I got that off my chest.
I like the idea of being a external wholesaler, I respect those guys. You can learn alot from them....find out what the competition is doing, what marketing is working for other advisors, new trends at other firms, they can be very valuable. You just have to start inside in most cases.
We will see.....cross that bridge when I get there
External Wholesaler? Have to deal with our egos and kiss brokers
butts everyday? Nope- at least with us we deal with clients and
we have some control and more of an element of value. Spend all
of your time taveling to subject yourself to that? Yuck!
wholesaler = no value. Everything I need I research on the internet. The sales tricks have not changed since the beginning of time.
I know, I know. It's just that every time I hang up the phone another wholesaler is trying to bother me. There's too many of them. I suspect especially with the use of SMA and wrap programs that there will be shakeout in the upcoming years.